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2012 Preakness Stakes: Betting Guide For Beginners

So, you aren't a big-time horse racing enthusiast. But, the Kentucky Derby duel between the winner, I'll Have Another, and the runner-up, Bodemeister, captured your interest. Since it will be reprised Saturday in the Preakness Stakes you are thinking maybe you will take sides and plunk down a couple of dollars.

There is only one catch. You have no idea how this whole betting on horse racing thing work. Well, SB Nation New York is here to help you. Our friends at the mothership,, put together a betting guide prior to the Kentucky Derby, and it is still useful now.

Here is some basic betting terminolgy you will need to know:

WIN: A bet on a horse to win (if you don't know this you probably shouldn't be betting)
PLACE: A bet on a horse to finish either 1st or 2nd.
SHOW: A bet on a horse to finish 1st, 2nd or 3rd.

Those are the standard bets that everybody is familiar with. They are simple, straight forward, it's easy to calculate the cost, and they are easy to make. Where things start to become more complicated is with what are known as the exotic bets. Below are the exotic wagers offered by Churchill Downs this weekend.

EXACTA: A bet picking the 1st and 2nd place finishers in a race.
TRIFECTA: A bet picking the 1st, 2nd and 3rd place finishers in a race.
SUPERFECTA: A bet picking the 1st, 2nd, 3rd, and 4th place finishers in a race.
DAILY DOUBLE: A bet picking the winners of two races, usually two consecutive races.
PICK 3: A bet picking the winners of three consecutive races.
PICK 4: A bet picking the winners of four consecutive races.
PICK 5: A bet picking the winners of five consecutive races.
PICK 6: A bet picking the winners of six consecutive races.

One other tip from our friends at SB Nation this I find useful. If you are new to this, pick a horse to win and just place a 'win' bet. Don't confuse yourself. Remember, the higher the odds the more money you could rake in if your horse wins. Then again, the riskier your bet is.

If you need a little info on the horses in the race you can follow our Preakness StoryStream. You can also find some background on each horse at including a bio, photos and the color of the silks that will be worn by each horse's jockey.

Whatever system for choosing a horse you come up with, or however much you decide to wager, just have some fun with it.

Preakness Stakes 2012 Post Positions Draw: Bodemeister Favorite, I'll Have Another 2nd (via sbnation)